Corinthia Group is taking full control of one of Libya’s most prominent real estate developments, following a €74 million deal that sees Kuwaiti investors exit the Palm City project.
International Hotel Investments plc and Corinthia Palace Hotel Company Limited (CPHCL) have jointly acquired the entire 50 per cent stake previously held by Kuwait’s National Investment Holding in Mediterranean Investments Holding plc (MIH), the Malta-registered company behind the Palm City development in Libya.
The transaction marks a complete exit for Kuwaiti shareholders from the project, in which they had been involved since its establishment in 2005.
IHI and CPHCL are each paying €37 million for their respective 25 per cent stakes. Upon completion, CPHCL will increase its shareholding in MIH to 75 per cent, while IHI will directly hold the remaining 25 per cent, effectively placing the company fully under Maltese ownership.
MIH is the parent company of Palm City Limited, which owns and operates the Palm City Residences – an oceanfront gated residential complex comprising over over 400 units located in Janzour, on the outskirts of Tripoli. The company also holds additional real estate investments in Libya, with further development opportunities under consideration.
The development has long been a flagship Libyan asset for the Corinthia Group and its associated companies.
Alongside the acquisition of shares in MIH, IHI will also acquire a nominal stake in two MIH subsidiaries – Palm City Limited and Palm Waterfront Ltd – from Kuwait’s National Real Estate Company, further consolidating its position within the group structure.
The deal is expected to be completed by the end of June 2026, subject to customary conditions.
The acquisition will be financed through a mix of upfront payments and debt funding. IHI’s €37 million portion will be backed by financing from APS Bank plc, with repayment expected to be driven primarily through dividend distributions under a newly agreed policy between the two Maltese shareholders.
Financially, MIH represents a substantial asset base. As of June 2025, the group reported gross assets of approximately €324.5 million, while profits after tax for 2024 reached around €13.5 million – underlining the strategic value of the investment despite Libya’s challenging operating environment.
The €74 million price tag for Kuwait's National Investment Holding's 50 per cent stake is also well below half MIH's net assets, which amounted to €213.6 million as of June 2025.
The transaction also qualifies as a related party transaction, given that CPHCL is the majority shareholder of IHI. However, IHI’s audit committee has deemed the deal fair and reasonable, including from the perspective of minority shareholders, and it has been approved by the company’s board.
